With only $50K owing on your mortgage, it's a little difficult to be within Section 32 limitations. If you are wanting to pull any cash out to help payoff any debts and cut your loan term to 15 years or lower, then now is the time as you will NOT find any cheaper money to borrower. If you plan on refinancing I would do it quickly the rates took a really good hit over the past couple of weeks and it appears that will continue to climb. I am in Southlake, Texas if you require any assistance. Please contact me if you have any questions.
Best of Luck!
You could refinance, as mentioned below some lenders may not do loans under $50K.
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Ex-Mortgage Broker of more than 10 years
You will need to speak directly with a mortgage lender. That said the only challanges could be the small size of the new mortgage, some banks do not lend that small of an amount and possibly your income which you did not share. Best of luck to you!